FY2025Q3 Business and Financial Results

THine Electronics , Inc. (TSE: 6769)FY2025Q3 Bus iness Res ults and Opportunities

November 5, 2025

Mid-term Strategy from 2025 to 2027

Mid-term Strategy from 2025 to 2027

TODAY’S AGENDA

• Corporate outline

• Business results in FY2025Q3

• The new mid-term strategy, “Innovate100”

• Topics of THine Group’s technology and solutions

  Provider of unique value to the world, de facto standard technology of high-speed interface, etc.

  • Company Name THine Electronics, Inc.

    (listed on Tokyo Stock Exchange, code: 6769)

  • Founder & CEO Tetsuya Iizuka, Ph.D

  • President & COO Yoichiro Minami

  • Capital 1,175 million yen

  • Founded May, 1991

  • Incorporated June, 1992

    Tetsuya Iizuka Yoichiro Minami

  • Business Area Planning, Designing and Sales of Mixed Signal LSI,

    Providing AI & IoT devices/Solutions,

    Planning, Designing and Sales of AI/Data Server

  • Employees 131, consolidated as of September 30, 2025

China

賽恩電子香港股 份有限公司

THine Electronics Hong Kong, Co., Ltd.

Established in Nov.2012

前海赛恩电子(深 圳)有限公司

THine Electronics Shenzhen, Co., Ltd. Established in May 2013上海分公司

Shanghai-Branch

Established in Oct.2013

Korea

THine Electronics Korea, Inc. Seoul, Korea

Established in Mar. 2010

Taiwan

哉英電子股份 有限公司

THine Electronics Taiwan, Inc.

Taipei, Taiwan

Established in Sep. 2000

United States

THine Solutions, Inc.

Santa Clara, CA USA

Established in Feb. 2018

Tokyo – Headquarters -

Tokyo, Japan

Start-up in May 1991

THine MobileTek, Inc.

Yokohama, Japan

Acquired in Dec., 2018

THine HyperData, Inc.

Yokohama, Japan

Establish in June 2024

Product and solution

Application market

LSI

Biz.

V-by-One® HS plus V-by-One® HS LVDS

Serial Transceiver IOHA:B

Optical Chipset (VCSEL driver, TIA)

Image Signal Processor Camera Development Kit

• Camera solution: automotive cameras, security cameras, AR/VR, recognition camera, medical cameras, etc.

• Display solution: high-resolution displays such as 8K / 4K, gaming monitors with high refresh rate

• Drive recorders, automotive CID, exp. for EVs

• Mobile, PC, and single board computers

• OA (multi-function printers), amusement

• Industrial equipment such as inspection equipment for semiconductors and LCD displays

• AI optical computing for optical interconnect in networks of data centers

• Drive recorders with wireless modules

• AED monitoring modules

• IP transceivers

• Remote monitoring module for vending machines and elevators

• GPS tracker

• AI thermography with facial recognition

• IoT monitoring system

・AI servers and data servers for companies and AI research institutes though ODM/OEM

AI & IoT Biz.

5G/LTE/NB-IoT

＜AI&IoT devices and solution＞

IoT Gateway / Router AI & IoT Solution

＜AI Server＞

AI Server with NVIDIA H100 GPU

＜Data Server＞ General Server Smart NIC/Switch

THine

Group’s Business Area

Server

LSI AIOT AI•Data

Smart interface

Smart IoT Solution

Computing Resources

Hyper Automation

Consolidated financial results

（yen in million）

Financial performance in FY2025Q3 (9M) by region and s egment

yen in

Revenues by region

10%

21%

Decreased by 13％

10%

3%

3%

18%

3%

4%

63%

59%

⮚

⮚

3,000

2,500

2,000

1,500

1,000

(unit: yen in million)

million 2,000

Revenue

Decreased By 11％

Decreased By 17％

Gross Profit

Operating Income EBITDA

FY2024Q3

FY2025Q3

FY2024Q3

FY2025Q3

1,500

1,000

500

0

△ 500

LSI Biz AIOT Biz

500

0

FY2024Q3 FY2025Q3

LSI Biz in US kept healthy and domestic OA markets are on recovery trends, while Amusement markets in Japan was still in the situation of inventory adjustment, resulted in revenue decrease by 11%.

AIOT Biz has started sales of wireless communication modules for smart meters in Q3. Wireless communication modules to AED (Automated External Defibrillator), elevators, etc. were in a stable

Japan

Korea

Taiwan

China

US

situation, while some customers such as drive recorders, vending machines, etc. decreased shipping units, resulted in revenue decrease

by 17%.

Copyright © 2025 THine Electronics, Inc. All Rights Reserved. 8

Financial performance in FY2025Q3 (9M) LSI Bus iness by application markets

Revenues of LSI business by application

2,000

1,500

1,000

(unit: yen in million)

Industrial:

decreased by 11%

(69% of total)

Consumer: Steadily expanded the new standard of THine’s interface decreased by 22% technology “V-by-One® HS plus” for high-resolution 4K/8K

(12% of total) television and display markets.

Automotive: similar level to ’24Q3 (19% of total)

OA markets are on recovery trend but and amusement markets are still affected by adjusting inventory level:

+25% increase in OA, △63% decrease in amusement, and

△11% in other industrial.

Continue to sell new products for EV markets. Shipment to China markets increased by 16%.

500

0

FY2024Q3 FY2025Q3

(unit: yen in million)

15%

Decreased by 11％

12%

18%

19%

67%

69%

1,500

1,000

500

QTR Sales in LSI business

FY2024 FY2025

2025Q4 is

forecasted

0

Industrial

Automotive

Consumer

1Q 2Q 3Q 4Q

Financial performance in FY2025Q3 (9M) AIOT Bus iness by s egment

Revenues of AIOT business segments

5%

9%

Decreased by 18％

2%

20%

86%

78%

(unit: yen in million)

1,000

800

600

IoT products: decreased by 26%

(78% of total)

Solution: increased by 96%

Business in monitoring systems for AED and elevators, etc. was stable while those in drive recorders, vending machines, etc. decreased by declines of customers’ purchase orders.

AI and more: Focusing on launching solutions and products of server decreased by 72% business by THine HyperData inc., stated from FY2024.

Developing new solution such as OEM routers and those for surveillance cameras, and other repeating customers’ purchase orders made successful shipments.

400

200

0

FY2024Q3 FY2025Q3

(unit: yen in million)

1,500

1,000

500

QTR Sales in AIOT business

FY2024 FY2025

2025Q4 is

forecasted

IoT products

Solution

AI and more 0

1Q 2Q 3Q 4Q

Reasons of changes in operating income Revenues and gross profit decreased by 13% and 15%Made intensive investment in research and development (R&D) with JPY932M, increased by 4%: DSP-free optical chipset for AI datacenters, developing new products of V-by-One® HS for displays and cameras for EV markets, new power management products, gateway products with voice communication, smart IoT router products, etc.

• Also continued government-contracted R&D project using 300GHz communication mostly at the cost of Japanese government, MIA

• The development project of DSP-free optical chipset is funded by Japanese government-based subsidy, NICT’s “Beyond 5G Fund” for three years, provided 622 million yen in governmental fiscal year 2025 and 2026.

Operating loss

(unit: yen in million)

Operating loss

in FY2024Q3

in FY2025Q3

Increase in R&D investment

△34

Increase in

other SG&A

+17

Decrease in gross profit

Intensive investment in R&D

R&D investment plan in FY2025: totally JPY1,365M (increased by 18%)

R&D in FY2025

(Planned)

AIOT Biz 4%

R&D in FY2025Q3 (9M)

(actual)

JPY932M

compared to the plan: 68% compared to FY2024Q3 104%

AIOT Biz 2%

LSI Biz 98%

LSI Biz 96%

Focused development project of “Innovate100”

The world-first DSP-free optical chipset for AI datacenters

V-by-One®HS products for display panels and cameras of Evs New power management products

Modules for edge AI computing

Voice-communication-support gateway products Smart IoT router products

Smart module solutions with neural processing units for AI processing

High-speed wireless communication technology applicable to 1000Gbps data transmission (Beyond 5G), etc.

Outline of Balance Sheet as of the end of September, 2025

（unit: yen in million)

US-dollar-based cash as of the end of FY2025Q3 is approximately US$8M. Outline of Cash Flow Statements

（unit: yen in million）

decrease in net loss before tax, account receivables, increase in inventories, etc. sales of investment securities, etc. payment of dividend for FY2024, etc. Exchange rate

JPY158 as of the end of FY2024

JPY149 as of the end of FY2025Q3

To increase the corporate value of THine

• Making our best effort to achieve the revenues of JPY10Billion in the mid-term strategy “Innovate100”

  Innovate100

  （2025ー2027）

  5G&Beyond-NE

  （2022ー2024）

  FY2027 Revenues of JPY10Bn or more

  Assuming in the case of achieving the goal ROIC (return on invested capital) exceeds 10%

  （JPY in million)

  Revenues Gross profit

  LSI Biz JPY5Bn

  AIOT Biz JPY5Bn

  ※including Server Biz

  10,000

  8,000

  6,000

  Assumed THine’s performance under the mid-term strategy “Innovate100”

  4,000

  2,000

  0

  FY2024 FY2025 FY2026 FY2027

  Outline of the next mid-term strategy, “Innovate100”

  • Basic strategy

    THine Group will contribute to accelerating implementation of AI use cases through its three business portfolio of LSI, AIOT, and Server, proposing low power solution for data center markets that shall increase power consumption enormously.

    THine Group will proactively cultivate collaboration opportunities with partners, including M&A deals.

  • Typical action items

    • Launching solution business with AI processors

    • Widely applying THine’s LSI solution that can aggregate IoT wiring drastically

    • Launching EdgeAI solution business, supporting industrial IoT use cases

    • Developing new DSP-less optical chipsets that extraordinary reduce power consumption and latency

    • Providing wireless communication solution for smart meters that can be data source for AI-based sensing

    • Applying wireless communication solution to automotive and industrial equipment that communicate with cloud

    • Starting business for telecommunications carriers

    • Widely applying server business, including AI servers

  • Enhancing synergy among THine Group’s 3 business of LSI, AIOT solution, and Servers

On July 1st, 2025, Cathay Tri-Tech., Inc., THine Group’s AIOT solution company, has changed its company name to

“THine MobileTek., Inc.”, enhancing THine Group’s synergy effects.

Forecast in FY2025

From this FY2025 THine Group has started its new mid-term strategy, “Innovate100,” aiming its goal of revenues in FY2027 with 10 billion yen or more. Based on the newest information, the forecast is changed as follows:

（yen in million）

Forecast in FY2025 by region and segment

yen in million

LSI Biz AIOT Biz

5,000

4,000

3,000

8%

19%

2%

3%

（unit: yen in million）

Increase by 1％

8%

11%

3%

3%

3,000

2,500

2,000

1,500

1,000

Increase

by 3％

Reveneus Gross profit

Operating income EBITDA

Decrease by 3％

2,000

68%

75%

500

0

△ 500

FY2024 FY2025 FY2024 FY2025

1,000

0

FY2024 FY2025

Japan

Korea

Taiwan

China

US

• LSI Biz’ forecast increases by 3%. Its OA markets are on a

  recovery trends and US markets are in a health situation while amusement markets are still affected by customers’ inventory adjustment and because of US tariffs China is on a slow trend.

• AIOT Biz’ forecast decreases by 3%, starting business for

  smart-meters, while wireless communication modules to drive recorders, vending machine, etc. decreases.

  Shareholder return policy

• THine Group makes efforts to achieve the new mid-term strategy, “Innovate100” and to return profits to shareholders based on assuming THine’s future growth. Dividend for FY2024 is 15JPN per share as forecasted and the forecast of dividend for FY2025 is at the same level as FY2024, the same as originally planned.

  100.00%

  ＜Trends of dividend s ince 2014＞

  Increased ordinary dividend to 15JPY (2022)

  Despite the loss, keeping ordinary dividend of 15JPY (2023)

  Forecast of

  ordinary dividend of 15JPY (2025)

  JPY

  16.00

  90.00%

  80.00%

  70.00%

  60.00%

  50.00%

  40.00%

  30.00%

  20.00%

  10.00%

  0.00%

  9JPY ordinary dividend from FY2014~2020. Although THine resulted in total loss in FY’15, FY’16, and FY’20, also made stable dividend.

  Adding 30th Anniversary

  Commemorative dividend of 3JPY (2021)

  14.00

  12.00

  10.00

  8.00

  6.00

  4.00

  2.00

  0.00

  FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025

  dividend per share
  dipidend payout ratio
  Enhancing user experience – simplifying cable wiring solution for in-vehicle touch panels for EVs

  Start volume production shipping of new V-by-One®HS products for EVs and industrial equipment

• Enabling to transmit and receive fullHD60fps images, controlling signals, and voice signals only with 1 chip

• Capable to handle approximately +28% more data volume, compared to similar-class products in automotive industry

  Application Processor

  the world-fastest class SerDes support OpenLDI(LVDS)

  Image transmitting board

  (e.g. host processor board at ECU） THCV333-Q

  Image data (LVDS)

  Sound data controlling signals

  Coax STP

  Cable

  Image receiving board

  THCV334-Q

  Touch panel display unit (voice communication support)

  Supporting higher display resolution up to +28%

  1. Automotive in-vehicle touch panel display

     • Information display

     • Rear seat entertainment

     • Navigation

     • Display Audio

  2. Industrial embedded touch panel display

     • HMI/programmable display

     • Vending machines with touch panel

     • Elevator interior panel

     • Traffic monitors

  Enhancing user experience – solution for multi-displays

  New V-by-One®HS products for display panels of automotive and industry are launched

• Images from left/right-side mirrors can be displayed on left/right-side window displays, simplifying automotive systems.

• Achieves well-performing tach-panel responses, transmitting together with sound data through the same cables.

  Contribution to envolving medical cameras

  V-by-One®HS product supports 4K medical cameras

• Contributing to achieve 4K high-resolution endoscope cameras

• The world smallest V-by-One® HS product enables to transmit images from 4K cameras to operating equipment for several meters through just one cable

• THine’s image signal processor applicable simultaneously

• Contributing for users to apply AI-based machine learning with 4K images for higher detection rates for early-stage cancers

  Operating host board of an endoscope

  Camera part of an endoscope

  Transmitter LSI

  THCV243

  Receiver LSI

  THCV242A

  Image s ignal processor THP7312

  Ultra-small

  2x3mm

  long-distance data

  transmission by V-by-One®HS

  Application

  Processor

  Image Sensor

  Contribution to simplifying sensing & control systems

  Launching the industry-first unique serial transceiver that enables to achieve IoT platform

  THCS25

  THCS25xx

  IoT Platform Applied to Customer A

  DX-IoT Platform with THine

  Adding a camera sensor and an acceleration sensor

  Host PCB Function PCB for sensors,

  touch panels, etc.

  No need to re-design PCB

  Changing input pins of the camera sensor, removing the acceleration sensor, and adding pressure sensor, temperature sensor, and touch-panel sensor

  IoT Platform Applied to

  Customer B

  Contribution to use cases with contactless communication

  Collaboration with STMicroelectronics’s near field communication technology

• To support for new use cases in high-speed contact connectivity, combining THine’s high-speed interface technology and ST’s 60GHz RF millimeter-wave

• THine’s V-by-One® and other interface technologies, together with ST’s ST60A2 contactless 60GHz transceiver, enables high-speed data transmitting solutions of board-to-board contactless connections.

  Seamless device-to-device data transfer without cables and connectors

  (e.g., docking stations for PCs, game consoles)

  Test Pass Test Pass Testing Testing Before Test

  Final Test

  ST69A2

  60GHz RF millimeter-wave

Copyright © 2025 THine Ele

Non-contact Inspection JIG

ctronics, Inc. All Rights Reserved. 2 4

LSI事業

The new mid-term strategy, “Innovate100” from 2025 to 2027

Contribution to reducing power consumption in AI data centers

The world-first DSP-les s optical chipset (ultra-low power and ultra-low latency) supporting VCSEL

• The world-first optical DSP-less technology, “ZERO EYE SKEW ” for 2TB/s PCI Express 7.0, saving power consumption by 73%, lowering latency by90%.

  Current

  method

  With DSP

  High Power consumption High Latency

  Optical modules

  THine’s

  New method

  DSP-less

  Saving Power by 73% Lowering Latency by 90%

  Target of our project

  Adopted “Beyond5G(6G)” NICT funds for 3 years

  Optical wiring

Innovating solution of beyond 5G and 8K, obtaining beyond growth advantages

R&D toward 1000Gbps ultra-high-speed data transmission

• Successfully developed the World-First Mixed-Signal Baseband Demodulator Technology

  Wide application

  • remote medical diagnosis,

  • eSports,

  • 8K TV, etc.

THine’s interface technology achieves smart connectivity and enhances smart analysis

EdgeAI-Link®one stop solution, enabling to link with cloud AI solution

• Accelerate customers’ time-to-market of edge A solution, reducing total developing costs

• Supporting 1 ~ 48 TOPS (Tera Operations Per Second), preparing for faster-TOPS lineups

• Various available solution: full custom, SoC board solution, and EdgeAI Computers

• Applications: facial recognition, store marketing, crime prevention, drive recorders, etc.

Full Custom Solution

SoC Board Solution

EdgeAI Computer

Module ＋ SerDes

Customized solution for customers’ request

Complete finished products

* “EdgeAI-Link” is THine Electronics, Inc’s trade mark or registered trade mark.

Copyright © 2025 THine Electronics, Inc. All Rights Reserved. 2 7

AIOT Biz

The new mid-term strategy, “Innovate100” from 2025 to 2027

Contribution to expanding smart meters

Wireless Communication Modules Enhance the Functions of Smart Meters

• Always-on wireless transmission of remote meter information

• Enhanced maintenance functions (including enhanced security features)

• Custom-developed features based on customers’ requests, firmware pre-installation, and comprehensive customer supports are available

* Smart meters allow visualization of usage, i.e., creating new value through data utilization is possible

LTE/BLE Gateway CTG-B01/B02

• Product Overview

  CTG-B01/CTG-B02 is a BLE/LTE gateway that can collect data from various BLE sensor devices and transmit the data via LTE lines. Two types are available depending on the type of LTE line: CTG-B01 for Cat.M and NB-IoT, and CTG-B02 for Cat.1bis.

  Customized applications compatible with various BLE sensors can be developed using the development environment provided by BlueX Micro. GNSS receiver function and LTE connection function via external antenna are also available as factory production options.

  Items			CTG-B01／CTG-B02
  Left side connector	Application software connector	①	SWD interface
  Top indicators	Power	②	White
  	LTE communication	③	Blue
  	Alarm	➃	Red
  	BLE communication	⑤	Green
  Right side connector	SIM connector	⑥	Nano SIM push-push type
  	USB power delivery connector	⑦	Type-C
  Upper side connector	External RF antenna connector	Ⓑ	Valid when SMA・female is selected
  Average power consumption in operation	Idle state		CTG-B01 Approximately 60mA@5V DC CTG-B02 Approximately 50mA@5V DC
  	General operation state		CTG-B01 Approximately 80mA@5V DC CTG-B02 Approximately 60mA@5VDC
  Operating environment	Temperature		0 ～ 40℃
  	Humidity		30 ～ 80%
  Storage environment	Temperature		-10 ～ 55℃
  	Humidity		30 ～ 80%
  Size	Length × Width × Height		111.5 × 77 × 25.5 （mm）
  Weight			Approximately 105g

  Upper side

  Ⓑ

  ②

  ③

  ① ➃

  ⑤

  Left side

  ⑥

  ⑦

  Top Right side

  SIMCom SIM7672G / SIM7672JP

• LTE Cat.1 bis is an improved version of Cat.1, requiring only one antenna for communication instead of the two antennas required for Cat.1. It is the most suitable module for replacing IoT communication that was commonly used on 3G networks.

  LCC

  + LGA

  Cat.1bis

  Multi-Bands

• Interoperability with the Docomo and KDDI communication networks has been confirmed, and testing with the Softbank network is also underway. This allows for the proactive identification and resolution of issues related to network connectivity, making it easy to adopt for various IoT devices.

• Equipped with the latest QCX216 chipset, this LTE Cat 1bis module supports LTE-

  FOTA

  Compact Size

  WiFi-Scan

  FDD/LTE-TDD wireless communication modes. It supports a maximum downlink speed of 10Mbps and a maximum uplink speed of 5Mbps.

• It supports both USB drivers for the three major operating systems (Windows, Linux, and Android) and multiple built-in network protocols.

  GNSS

  USB2.0

  UART

• It integrates a wealth of industrial standard interfaces with strong expandability, including UART, USB, I2C, and GPIO, making it ideal for major IoT applications such as telematics, measurement, monitoring equipment, industrial routers, and remote diagnostics.